One of the first few overseas banks to be locally incorporated on the mainland, which is the Bank of East Asia, has submitted central bank tests for its debit cards operations. This makes the bank the first overseas lender to issue its own debit cards. Indeed, in Hong Kong, it already met safety and technical standards set by the People’s Bank of China. Other overseas banks such as HSBC and Citigroup have been ahead in efforts break into the mainland’s fledgling bank card market. Also, BEA is working with the UnionPay to become qualified issuer of yuan debit cards. UnionPay is the only credit card organization on the mainland. And there are three overseas banks like the HSBC, Citigroup and Standard Chartered Bank who first batch to file applications for issuing yuan-denominated bank cards.
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